ECONOMICS 101

MICROECONOMICS

• The first week I will test drive my product to see how well it will sell.
• This testing will help me figure out my supply and demand.
• I will want to know what will bring my demand up with out rising my supply.
• Also before opening my business I will have to check local businesses in my area
• Checking the local business will help me figure out my economic compeition.

MICROECONOMICS CONTINUED.

• Once my business starts going ill have to think about opening another store.
• I will have to take the diminishing utility into thought.
• Ill have to consider which foods sell most.

MACROECONOMICS

• Starting up my business i would want to check the local FED bank.
• Checking the local bank will let me know where my moneys coming from
• Also where I would get my loans from to start not only my first but second.
• I will also have the check the local GDP and real GDP in local restaurants
• This will help me with my prices.

PERSONAL

• Once my business gets started ill want to take my payment under thought
• I dont think ill want to accept checks because checks can bounce.
• Ill also want to think how ill pay my workers, which will be checks.
• Taxes will also pay a toll on my prices.
• If tax is high price will be to and vise versa.

PERSONAL CONTINUED.

• I will have to come up with a budget.
• This will help me manage my money
• Put some money away for bills for the resturant, and for the supply
• Also put money away for emergencies incase anything happens.